Terraform Labs co-founder Do Kwon’s stay in Montenegro has been extended by two months, according to a December 12 Bloomberg report. Marija Rakovic, a spokesperson for the High Court, confirmed the extension of Kwon’s extradition custody.
Arrested in March for traveling with forged documents, Kwon was serving a four-month sentence nearing its conclusion.
Extradition Decisions Pending
While his sentence ends, Kwon is not set for release due to pending extradition requests from the United States and South Korea. Both countries have filed charges against him in connection with the collapse of the Terra ecosystem.
A Montenegrin court has determined that the conditions for his extradition to either country are met. However, the final decision on his extradition lies with Montenegro’s Minister of Justice, who has yet to make a public announcement regarding the case.
Kwon’s legal troubles stem from his alleged role in the downfall of the Terra ecosystem, which saw the TerraUSD (USTC, formerly UST) stablecoin and its related cryptocurrencies plummet, wiping out around $40 billion in market value.
This event impacted the global financial market and led to increased regulatory scrutiny of the cryptocurrency industry worldwide. Kwon’s case remains a focal point in the ongoing debate over the regulation and stability of digital currencies.
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